ONRE vs SPIKO
OnRe and Spiko, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ONRE/SPIKO spread
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OnRe issues dollar-denominated tokenized real-world assets across 1 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Spiko issues dollar-denominated tokenized real-world assets across 7 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 63 | 66 | SPIKO |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $0.00 | Tie |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $269.38M | $2.46B | SPIKO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 7 chains | SPIKO |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
SPIKO scores higher on safety (66 vs 63), driven mainly by collateral quality and disclosure. ONRE has deeper tracked liquidity ($0.00), which is what determines whether you can exit at size.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: ONRE or SPIKO?
Capital preservation over everything else.
For park cash safely, SPIKO edges out ONRE — but it is close enough that either works.
- Safety score 66 vs 63, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for ONRE.
- No material depeg recorded for SPIKO in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
ONRE
- Issuer and banking risk: reserves sit with OnRe under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 100% of supply sits on Solana.
SPIKO
- Issuer and banking risk: reserves sit with Spiko under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
| Metric | ONRE | SPIKO |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | OnRe | Spiko |
| Jurisdiction | Not documented | Not documented |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | asset-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $269.38M | $2.46B |
| 7d supply change | +5.44% | +3.06% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 1 | 7 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (ONRE vs SPIKO)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- ONRE 0.000% · SPIKO 0.000%
- Yield spread
- +0.00%
- ONRE — · SPIKO —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between ONRE and SPIKO costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
ONRE is live on 1 chains, SPIKO on 7. 0 chains carry both, so bridging is only unavoidable for the 8 networks where just one of them is deployed.
| Chain | ONRE | SPIKO | Both available |
|---|---|---|---|
| — | $1.52B | SPIKO only | |
| — | $470.95M | SPIKO only | |
| $269.38M | — | ONRE only | |
| — | $215.34M | SPIKO only | |
| — | $172.18M | SPIKO only | |
| — | $39.63M | SPIKO only | |
| — | $33.82M | SPIKO only | |
| — | $4.91M | SPIKO only |
ONRE vs SPIKO: frequently asked questions
Is ONRE or SPIKO safer?
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On our composite safety score SPIKO rates 66/100 versus 63/100 for ONRE. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between ONRE and SPIKO?
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OnRe is issued by OnRe (Not documented), backed by treasuries, with redemption terms: gated. Spiko is issued by Spiko (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for ONRE and "monthly" for SPIKO.
Which has the bigger market cap, ONRE or SPIKO?
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SPIKO is larger at $2.46B in circulating supply, against $269.38M for the other. Over the last 7 days supply moved +5.44% for ONRE and +3.06% for SPIKO.
Are ONRE and SPIKO trading at $1.00 right now?
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ONRE trades at $1.0000 (0.000% off peg) and SPIKO at $1.0000 (0.000% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has ONRE or SPIKO ever depegged?
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ONRE: no material depeg recorded in our incident set. SPIKO: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, ONRE or SPIKO?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. ONRE shows deeper on-chain liquidity at $0.00 versus $0.00. Combine that with the redemption channel — ONRE: gated; SPIKO: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ONRE or SPIKO?
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Neither ONRE nor SPIKO currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both ONRE and SPIKO?
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They currently share no common network in our data: ONRE is deployed on 1 chain(s) and SPIKO on 7. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from ONRE to SPIKO?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($0.00 for ONRE, $0.00 for SPIKO). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ONRE or SPIKO regulated?
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ONRE is issued from Not documented with monthly; SPIKO is issued from Not documented with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.